Medicaid and Pennsylvania Medical Assistance is a means tested state program. Eligibility for state assistance depends upon the assets you own. Not all assets are created equal – there are categories of exemptions in Pennsylvania’s Medicaid regulations to allow you to keep certain property. The cash asset limits are low. Medicaid eligibly individuals must spend down their assets to qualify.
Setting aside an irrevocable burial fund (a prepaid funeral) is a commonly used exemption for your assets. It is one I almost always recommend. The amount you may set aside changes depending on the average funeral cost in your local area. Your local county welfare office can assist with the actual amount of money you may set aside in an irrevocable burial fund or prepaid funeral.
If you have questions about nursing home care, medical assistance or Medicaid, it is crucial that you talk with an experienced elder law and estate planning attorney. At Amori & Associates, LLC, attorney Scott M. Amori would be happy to discuss your situation. Please contact Amori & Associates at (570) 421-1406 for a no obligation consultation.